Data Reveals That APAC's Medtech Market is Poised for Explosive Growth

The Asia-Pacific (APAC) region is rapidly emerging as a powerhouse in the global medtech market. According to our Global Market Analysis and Projections (MAP) Database, APAC is the second largest regional medtech market, boasting an estimated market size of $131 billion in 2023. This impressive figure is made more notable by the region’s rapid growth, with our medtech market intelligence team projecting APAC to experience nearly double the compound annual growth rate (CAGR) of both the United States and Europe. Specifically, APAC is projected to grow at a robust CAGR of 8.4% from 2023 to 2028.

Growth Drivers

Several key factors are contributing to growth. Primarily, the increasing population size, improved access to healthcare services, and an aging demographic play significant roles. These elements collectively drive demand for various medical procedures, particularly in core markets such as orthopedics, cardiology, and general surgery.

High-Growth Procedures

The core procedure markets, including orthopedic, cardiovascular, and general surgeries, are experiencing accelerated growth. These markets are benefiting from the confluence of demographic shifts and healthcare advancements. Notably, several specific procedures are growing at remarkable rates, reflecting advancements in medical technology and rising healthcare needs.

According to LSI’s Global Procedure Volumes Database, multiple specific procedures in the APAC region are exhibiting over 10% CAGR, including:

Transcatheter Valve Replacements: Minimally invasive procedure gaining traction due to its effectiveness and reduced recovery times.

CRT-D Implants: Used for managing heart failure, these devices are becoming increasingly prevalent.

Tracheostomies and Radical Neck Dissections: Critical procedures essential for patients with severe respiratory conditions and head and neck cancers.

Laparoscopic Procedures: Laparoscopic appendectomies, hernia repairs, and bariatric surgeries are growing rapidly, minimally invasive by nature and offering quicker recovery periods in many cases.

Neurostimulation Implants: Increasingly more common in managing chronic pain and neurological disorders.

This blog is originally published here: https://www.lifesciencemarketresearch.com/insights/data-reveals-that-apac-medtech-market-is-poised-for-explosive-growth 

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